The type and quantity of resources and the amount of time which those resources are applied to complete the work of the project are major factors in determining the project cost. Schedule activity resources and their respective durations are used as key inputs to this process. Estimate Activity Resources (Section 6.3) involves determining the availability and quantities required of staff and materiel needed to perform schedule activities. It is closely coordinated with cost estimating. Estimate Activity Durations (Section 188.8.131.52) will affect cost estimates on any project where the project budget includes an allowance for the cost of financing (including interest charges) and where resources are applied per unit of time for the duration of the schedule activity. Schedule activity duration estimates can also affect cost estimates that have time-sensitive costs included in them, such as union labor with regularly expiring collective bargaining agreements or materials with seasonal cost variations.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.